According to Pravesh Gour, Senior Technical Analyst at Swastika Investmart, the Nifty 50 is displaying strong momentum as it approaches the psychological level of 25,000. Although some momentum indicators suggest overbought conditions, Gour believes the market may remain in this state for a while. He expects intermediate resistance around the 24,700 level, with immediate support near the 10-day moving average of 24,300, and the 20-day moving average at 24,000 acting as a key support level.
The main resistance levels are identified at 24,700, 24,850, and 25,000, while support levels are noted at 24,450, 24,300, and 24,150. Gour recommends a strategy of buying around 24,500, with a stop-loss at 24,300, aiming for a target of 25,000.
